
Real estate developer Kushner Cos. secured $415 million in construction financing through Fortress Investment Group and Rithm Capital Corp. to fund the highly anticipated redevelopment of the Monmouth Mall in Eatontown.
Monmouth Square, as the redevelopment will be known, is set to become a vibrant community destination off Route 35, less than one mile from Exit 105 of the Garden State Parkway.
Kushner broke ground on Monmouth Square on May 9, with initial work currently underway to demolish approximately 600,000 square feet of retail space, reducing the retail footprint by 40%. Lord & Taylor, the first department store to be razed, closed its location in 2018, while JCPenney, which shuttered its space in 2022 as part of the retailer’s shift to an online marketplace, also will be demolished.
Whole Foods Market is slated to move into the space currently occupied by Barnes & Noble, which will be relocated to a new retail building in the town center. The remaining retailers, including AMC movie theater, Macy’s and Boscov’s, will remain open during construction.
The thoughtfully designed blend of retail, dining and luxury apartments aims to create an open and easily accessible environment for residents and visitors alike. The project is already 82% preleased to a diverse set of highly desirable tenants across a range of industries. Architectural design for the project is being led by Minno + Wasko Architects and Planners, Benoy and the Dietz Partnership, combining modern aesthetics with functional urban planning to meet the needs of today’s market. The retail leasing strategy is being managed by BOND Retail Partners, ensuring a diverse and compelling mix of tenants.